Silver Price Forecast: XAG bulls test $70 as rally extends
Silver prices rally for the third straight day, up more than 2% and, for the week, gains over 7.40%, as a firm US Dollar is not an excuse for precious metals buyers, who are choosing flight-to-quality over haven demand due to the difficult US fiscal stance. The XAG/USD trades at $69.50, after reaching a high of $70.02.
XAG/USD Price Forecast: Technical Outlook
From a technical perspective, Silver’s uptrend remains in place, with traders eyeing a breakout above $70.00. Once achieved, they will set their sight on the 200-day Simple Moving Average (SMA) at $72.05. A breach of it would expose the psychologically significant $75.00 level, which becomes the next area of interest.
Momentum stays positive, evidenced by the Relative Strength Index (RSI) staying above 50 and nearing overbought levels.
On the downside, XAG/USD's first support is the 100-day SMA at $68.47. Below lies the August 20 low of $65.64, ahead of challenging the August 19 swing low of $62.19, followed by the 50-day SMA at $61.35.
XAG/USD Price Chart – Daily
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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